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MSCI said on Wednesday that a report that it had received a takeover offer from S&P Global that would have combined the two biggest global asset benchmark providers was “incorrect” and that it is currently “not in discussions with any third party”.

“…we believe such reports are incorrect,” MSCI said. “We are not in discussions with any third party, and we have not received any offer or indication of interest.”

A pact would have brought together the two biggest providers of global financial market indicators. Benchmarks have taken on increased significance in recent years amid the rapid rise in exchange-traded funds that passively track indices.

S&P Global is perhaps best known for managing both the Dow Jones Industrial Average — among the oldest US equities gauges, and the S&P 500 index, a broader index that is closely followed by professional investors and is tracked by the largest ETFs.

MSCI manages a suite of all-world indices that capture 99 per cent of investable global equities, among a slew of other barometers.